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Top Invoice OCR Tools You Can Use for Relevant Data Extraction

So, you want to edit accounting documents or invoices. But the scanned invoices don't let you edit them. To unlock them, you first need to perform OCR on the invoices. It doesn't sound very easy, but it actually is. All you need is the right tool. Listed below are the best ones.

invoice ocr

How OCR Technology Is Important to Invoicing, Billing, and Accounts Payable Systems

Several industries deal with heavy loads of data processing. Medical records, banking, and accounts payable are some examples. When processing these documents, you may need to edit their content. However, what you have in hand sometimes are read-only copies. That could be an image or a PDF that is not editable.

What do you do in this situation? Do you recreate the invoice or the document? It would take painstakingly long if you do that. So instead, you should use an OCR tool.

OCR helps you extract data from digital documents and convert them into editable text. That eliminates the need for you to retype the content and copy the format of the documents in question. All that is left to do is edit them. In turn, that cuts potentially many hours of work. Thus, OCR improves your productivity. Also, it makes work a little less stressful.

The Best Invoice OCR Tools

Klippa Invoice Processing

ocr invoice processing

Over a thousand brands, including known ones like Nivea, trust Klippa. Its invoice OCR solution is among the most reliable ones. It employs machine learning technology to scan, process, and intelligently extract data from documents.

Why Choose This Software?

Klippa is known for providing reliable productivity tools. Its invoice OCR solution uses advanced technology to automate many invoice-related business processes. Despite being too advanced, it is relatively easy to use. Performing OCR takes only three steps to do.

Klippa's invoice OCR allows businesses to quickly extract and process data from invoices and add them to their databases. Besides performing OCR, Klippa Invoice Processing offers other handy features. It helps companies big and small save time and money.

Limitations

  • Not free and is quite expensive. Klippa Invoice Processing pricing starts at $80 per month.
  • Supports a limited number of platforms.
  • Recognizes only a few languages
  • NO 24/7 customer support

Who Should Use Klippa Invoice Processing

Invoice-related businesses of any size can benefit from using Klippa Invoice Processing. However, it is best suited for big companies. The cost is too high for individual users and small businesses.

Platforms: Web, Android, iOS, Windows (On-Premise), Linux (On-Premise)

Languages: Klippa's OCR API supports 11 languages, including Danish, Finnish, and Portuguese. The Hebrew language is currently in BETA. Furthermore, Klippa says they can add support to other languages upon request.

Scan2Invoice

scan invoices

Scan2Invoice is an invoice OCR software that lets you scan directly to your cloud accounting software. It extracts relevant data from scanned invoices in a few easy steps. Just import the image, let the software scan, then check the extracted invoice data. Afterward, export the data to your accounting software.

Why Should You Use Scan2Invoice

Scan2Invoice's powerful OCR tool scans and extracts data from invoices accurately. It is easy to review the extracted data, as it is laid out on an attractive interface. Then, this software allows you to import the extracted data to your accounting software directly.

Scan2Invoice streamlines the scanning and processing of invoices and receipts by automating data entry.

Limitations

  • The free trial lasts only 30 days, and the software is quite expensive. It costs $135.
  • Only works with invoices in English.

Who Should Use Scan2Invoice

Scan2invoice allows companies to automate invoice scanning, data capture, and data entry. In turn, it allows business owners to focus their time on managing this business. Unlike Klippa, Scan2Invoice is a one-time purchase instead of a subscription. So, even small companies can use this tool.

Platforms: Windows, Mac, Web

Languages: Scan2Invoice only recognizes invoices in English.

Wondershare PDFelement - PDF Editor

invoice ocr software

PDFelement's usefulness as a document tool is unrivaled. It allows you to convert, merge, compress, create, markup PDF, and more. Furthermore, its toolset includes a powerful OCR that recognizes many languages. You can use this OCR tool to extract text from invoices and accounting documents and make them editable.

Why Should You Choose PDFelement

First and foremost, PDFelement's PDF OCR feature is free. Yes, there is a limit - you can only perform OCR on up to 3 pages. But at least you can use this feature unlimitedly.

You can choose to get the paid version to unlock more features. When buying PDFelement, you can choose between purchasing a yearly subscription or getting the perpetual plan for a one-time purchase. PDFelement's pricing starts at $79.99.

It will be worth it, as experts agreed that PDFelement's OCR function is robust. This tool quickly produces accurate results. Also, it supports more than a dozen languages.

Limitations

●The free version allows you to perform OCR only on 3 pages.

●Does not allow you to export directly to your accounting software.

Who Should Use PDFelement

Anyone can use PDFelement. It is affordable - free, even - and, more importantly, reliable. You can never go wrong with using PDFelement as your invoice OCR tool.

Individuals or businesses looking for an excellent PDF tool should consider installing PDFelement. The number of things it lets you do is astounding. Indeed, PDFelement improves its owner's productivity.

Platforms: Windows, Mac, iOS

Languages: PDFelement's OCR recognizes over 20 languages, including Simplified Chinese, Traditional Chinese, Polish, Ukrainian, and more.

How To Extract Data from PDF Invoices Using PDFelement

Method 1

  • Open the PDF containing the scanned invoice in PDFelement. Alternatively, create a new PDF using the scanned invoice image.
  • Click Perform OCR from the notification bar at the top. You can also click the floating OCR button at the top right of the document.
invoice capture

  • In the scan options, select Scan to Editable Text if you want to modify the text. Otherwise, select Scan to Searchable Text in Image.
  • Specify which pages you want PDFelement to perform OCR on. This step is optional. You can leave it at All Pages, which is selected by default.
  • Select the languages used in the invoice.
  • Click Apply, then wait for PDFelement to finish performing OCR on the invoice.
invoice recognition
  • PDFelement will make a new file - an editable or searchable (depending on which you have chosen) version of the invoice. Suppose you chose to make an editable version. You can click the boxes around the text to start editing.
ocr invoice scanning

Method 2

  • Click OCR from PDFelement's main interface.
  • Select the PDF containing the invoice from where you want to extract the text.
  • Select the right scan option.
  • Optionally, specify the page range.
  • Select the languages in the invoice.
  • Click Apply.
  • Edit the converted file as needed.

How To Choose the Best Invoice OCR Software for You

Differences in the invoice OCR software mean they have different use cases. So how do you choose the best one for you?

First, you must think about the nature of your business. Why do you need to perform OCR on invoices and accounting documents? Is it to edit or upload the data to your database?

Next, you must consider the cost of the software. Can you afford a premium option? Or is it okay for you to settle on the middle ground? Some businesses prefer that since they don't need a very advanced invoice scanner and OCR.

When To Avoid Invoice Scanning Solutions

If your company strives to be as efficient as possible, there are better options than an invoice scanning solution. Yes, it removes the need for manual data entry. However, employees still need to check if the recognized text is accurate.

What you should do instead is adopt a fully automated AP system. It is fully integrated into the companies' processes from start to finish. When the PDF invoice arrives in the email, it automatically extracts the data and uploads it to the accounting system.

Conclusion

Performing OCR on invoices speeds up certain parts of a business. And you have multiple software choices. Meaning you can select depending on your company's size and budget. The most affordable one is PDFelement, which allows you to OCR documents for free. On top of that, it offers many PDF tools you can use.

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